July 25, 2012 / 12:44 PM / 5 years ago

Euro gains vs dollar, nears session peak

NEW YORK, July 25 (Reuters) - The euro moved closer to the session peak o n W ednesday after Spain and France said the common strategy for euro area stability included an adoption of a supervisory mecahanism for banks..

"The market is grasping for any positive news," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington D.C. "It adds to the already somewhat improved tone. Whether or not it lasts is the question."

The euro was last up 0.9 percent at $1.2160, near the session peak touched earlier in the global session of $1.2169. (Reporting By Nick Olivari; Editing by Theodore d'Afflisio)

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